Authorizing the Issuance of Bonds - EDIT 2015, Smart Streets $25 Million

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Reserve Account, remaining EDIT Revenues, to the extent available, to maintain the Reserve Account in the amount required, if any, for any of the EDIT Bonds. At the election of the Controller, no reserve may be required for the Bonds. (iii) General Account. After making the required deposits to the Bond Principal and Interest Account and the Reserve Account, all remaining EDIT Revenues, if any, will be transferred to the General Account. All moneys in the General Account will be used and withdrawn for any of the purposes set forth in the Act, including, without limitation, payment of additional costs of the Project. SECTION 8. Authorization. (a) Authorization. The proper officers of the City are hereby directed to sell the Bonds to the Purchaser, to draw all proper and necessary warrants, and to do whatever acts and things which may be necessary to carry out the provisions of this Ordinance. (b) Official Statement and Disclosure Agreement. The Mayor and the Controller each are hereby authorized to approve and deem final an official statement with respect to the Bonds, as of its date, in accordance with the provisions of Rule 15c2- 12 of the U.S. Securities and Exchange Commission, as amended (the "SEC Rule "), subject to completion as permitted by the SEC Rule, and the City further authorizes the distribution of the deemed final official statement, and the execution, delivery and distribution of such document as further modified and amended with the approval of the Mayor or the Controller in the form of a final official statement. SECTION 9. Defeasance. If, when the Bonds or any portion thereof shall have become due and payable in accordance with their terms or shall have been duly called for redemption or irrevocable instructions to call the Bonds or any portion thereof for redemption have been given, and the whole amount of the principal, premium, if any, and the interest so due and payable upon such bonds or any portion thereof then outstanding shall be paid, or (i) cash, or (ii) direct noncallable obligations of or unconditionally guaranteed by the U.S. Department of the Treasury, or (iii) any combination of the foregoing, shall be held irrevocably in trust for such purpose, and provision shall also be made for paying all fees and expenses for the payment, then and in that case the Bonds or such designated portion thereof shall no longer be deemed outstanding or secured by this Ordinance. SECTION 10. Additional Bonds. The City reserves the right to issue additional bonds and to incur lease obligations (which for all purposes of this Ordinance shall be deemed to be required bond payments which mature on the date such lease - rental payment obligations are due) after the issuance of the Bonds, payable out of the EDIT Revenues and earnings thereon on parity with the Prior Bonds and the Bonds, and such future bonds and lease obligations are herein referred to as "Additional Bonds," or bonds which are junior and subordinate in right of payment to the Bonds (such bonds and lease obligations are herein referred to as "Junior Bonds ") 9